Thruvision Group PLC Trading Update (2746O)
07 Octubre 2021 - 1:00AM
UK Regulatory
TIDMTHRU
RNS Number : 2746O
Thruvision Group PLC
07 October 2021
7 October 2021
Thruvision Group plc
(" Thruvision " or the " Group ")
Trading Update
Thruvision (AIM:THRU), the leading provider of "safe distance"
people-screening technology to the international security market ,
is pleased to provide an update on trading for the six months ended
30 September 2021.
Revenues for the period are expected to be GBP2.0 million
(H1FY21 GBP4.7 million, H2FY21 GBP2.0 million). The reduction
reflects the fact that last year's comparative included a material
order (of GBP3.0 million) from US Customs and Border Protection
(CBP) as described in the results announcement at the time. The
period under review did not benefit from a similar order, although,
as set out below, we are in ongoing discussions with CBP about
potential orders for the second half.
Profit Protection
Profit Protection revenues grew strongly, by 67%, to GBP1.0
million (H1FY21 GBP0.6 million), driven by repeat orders from
customers who first purchased from us in the last 12 months. As we
explained in our recent Annual Report, we believe that Profit
Protection is an important growth market where, in October alone,
sales are to expected to exceed those of the entire the first half
as our customers prepare for Christmas trading. We are particularly
pleased with the high levels of interest in our offering in the
strategically important US Profit Protection market where, as well
as reducing staff theft, organisations are seeking to improve work
place safety after a number of fatal gun-related incidents in
distribution centres.
US Customs
Driven by significant immigration pressure on the southern
border with Mexico, our activity levels with CBP are currently very
high. Many hundreds of officers are now proficient in using our
technology to check immigrants for contraband and weapons at more
than 20 locations on the border. With this firm operational base
established, we are in discussions about upgrading and expanding
the Thruvision fleet more widely across CBP and expect further
order flow in the second half as a result.
Aviation
In Aviation, which has of course been hugely impacted by
Covid-19, we have continued to make progress towards US
Transportation Security Administration (TSA) accreditation. Such
accreditation would enable the use of Thruvision for passenger
security screening in US airports. As passenger numbers recover and
travel processes permanently adapt to Covid-19, we expect to see
renewed interest in our technology given its inherent 'safe
distance / no touch' capabilities.
International
We received no orders in the period from Asia or the Middle
East, but have seen continued interest in our technology and we
remain optimistic that our business in these regions will recover
as more normal trading conditions return.
Outlook
We continue to manage costs carefully and effectively, with cash
of GBP4.1 million on 30 September 2021 (31 March 2021: GBP7.3
million). A build-up in our stock levels to support our Profit
Protection customers' busy period accounted for GBP0.9 million of
the reduction since the start of the period, with this inventory
now allowing us to deliver the strong October sales as described
above.
Looking forward, we expect to maintain our strong growth rate in
Profit Protection across the UK, US and Europe. We also expect to
make material progress in expanding our remit with CBP and, in the
medium term, win business with further Customs agencies globally.
Subject to continued positive progress with TSA, we still see clear
longer-term opportunities for our technology in the Aviation
sector.
For further information please contact:
Thruvision Group plc +44 (0)1235 425400
Tom Black, Executive Chairman
Colin Evans, Chief Executive
Investec Investment Banking (NOMAD & Broker) +44 (0)20 7597 5970
Patrick Robb / James Rudd / Sebastian Lawrence
FTI Consulting LLP +44 (0)20 3727 1000
Matt Dixon / Tom Blundell
About Thruvision
Addressing the urgent need for "safe distance" people security
screening in the COVID era, Thruvision is uniquely capable of
detecting metallic and non-metallic items including weapons,
explosives and contraband items that are hidden under clothing, at
distances between 3 and 10m. Using patented passive terahertz
technology, Thruvision completely removes the need for physical
"pat-downs" and has been vetted and approved by the US
Transportation Security Administration for surface transportation.
Operationally deployed in 20 countries around the world, Thruvision
is used for aviation security, retail supply chain loss prevention,
customs and border control, and public area security. The company
has offices near Oxford, and Washington DC.
www.thruvision.com
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END
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